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  • Created by: Chloe
  • Created on: 15-01-13 14:19
Marketing Environment
is the range of forces, outside the control of a business, which affect buyer and competition within markets. These include technological, legal, regulatory and social forces.
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Markets
are where (and when) buyers and sellers come together to decide on price and quantity bought and sold. They are not neccessarily physical locations.
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Monopoly
is a market with one seller. However, a business with a market share in excess of 25% is often referred to as having "monopoly"
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Oligopoly
Is a market whcih is dominated by few businesses
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Perfect Competition
Occurs in a market i which there are many businesses relative to the size of the market. All businesses sell similar products, with little product differentiation evident.
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Monopolistic Competition
Occurs in a market in which there are many businesses relative to the size of the market but in which products are differentiated. Many corner shops sell similar products but they are differentiated by their locations.
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Customer Loyalty
is the tendency for customer to make repeat purchases of products that they are familiar with and trust
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Barriers to entry
are factors that make it difficult for new businesses to enter a market.
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National Income
is a measure of the value of godds and services produced by a nation over a period of time
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Fiscal policy
is a statement of how a government intends to finance its spending through taxation. This is done through a mix if direct taxes (such as income
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Office of Fair Trading
UK government body that trys to protect the consumer from anti-competitive practices. It can impose significant fines on busiesses are found to be harming consumer interests through anti-competitive practices eg restricting supply or high prices
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Card 2

Front

are where (and when) buyers and sellers come together to decide on price and quantity bought and sold. They are not neccessarily physical locations.

Back

Markets

Card 3

Front

is a market with one seller. However, a business with a market share in excess of 25% is often referred to as having "monopoly"

Back

Preview of the back of card 3

Card 4

Front

Is a market whcih is dominated by few businesses

Back

Preview of the back of card 4

Card 5

Front

Occurs in a market i which there are many businesses relative to the size of the market. All businesses sell similar products, with little product differentiation evident.

Back

Preview of the back of card 5
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